LHYAX | High Yield Fund Class A | Lord Abbett

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High Yield Fund

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Summary

Summary

What is the High Yield Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in high yield corporate bonds.
 

A HERITAGE OF HIGH YIELD

Brings a 40+ year history of high-yield investing, focused on fundamental, bottom-up credit research.

AN OPPORTUNISTIC APPROACH

Provides the flexibility to adjust to the market environment and take advantage of opportunities across the credit spectrum.

STRONG TRACK RECORD

Has offered a track record of strong performance versus peers in up and down markets, demonstrating the strength of this active approach as a core high-yield holding over a full market cycle.

Yield

Average Yield to Maturity as of 05/30/2025

8.15%

Distribution Yield as of 06/18/2025  

7.12%

30-Day Standardized Yield 1 as of 05/31/2025  

  Subsidized2 Un-Subsidized3
w/o sales charge 6.73% 6.72%

Fund Basicsas of 05/30/2025

Total Net Assets
$3.42 B
Inception Date
12/31/1998
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.93%
Fund Net Expense Ratio
0.93%
Number of Holdings
675
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

Gross 0.93%

Net 0.93%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 1.21% 7.19% 4.74% 4.86% 3.98% 5.99%
Lipper Category Avg. High Yield Funds 2.21% 7.96% 5.94% 5.35% 4.18% -
ICE BofA U.S. High Yield Constrained Index 2.67% 9.35% 6.72% 5.86% 4.95% 6.31%
w/ sales charge -1.12% 4.86% 3.97% 4.39% 3.73% 5.90%

Fund Expense Ratio :

Gross 0.93%

Net 0.93%

Fund Expense Ratio :

Gross 0.93%

Net 0.93%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 0.30% 6.71% 3.08% 6.63% 4.10% 5.99%
Lipper Category Avg. High Yield Funds 0.69% 6.63% 4.16% 6.70% 4.17% -
ICE BofA U.S. High Yield Constrained Index 0.96% 7.67% 4.91% 7.24% 4.93% 6.28%
w/ sales charge -2.00% 4.24% 2.31% 6.15% 3.87% 5.90%

Fund Expense Ratio :

Gross 0.93%

Net 0.93%

Type Assets
High Yield Bonds
Bank Loans
Investment Grade Bonds
Equity
Convertibles
Other
Cash
Maturity Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 05/30/2025 View Portfolio

Rating Assets
BBB
BB
B
<B
Not Rated

INVESTMENT TEAM

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

24 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

34 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Partner, Deputy Director of Leveraged Credit

17 Years of Industry Experience

Supported By 87 Investment Professionals with 18 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Maturity as of 05/30/2025

8.15%

Distribution Yield as of 06/18/2025  

7.12%

30-Day Standardized Yield 1 as of 05/31/2025  

  Subsidized2 Un-Subsidized3
w/o sales charge 6.73% 6.72%

Fund Expense Ratio :

Gross 0.93%

Net 0.93%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 1.21% 7.19% 4.74% 4.86% 3.98% 5.99%
Lipper Category Avg. High Yield Funds 2.21% 7.96% 5.94% 5.35% 4.18% -
ICE BofA U.S. High Yield Constrained Index 2.67% 9.35% 6.72% 5.86% 4.95% 6.31%
w/ sales charge -1.12% 4.86% 3.97% 4.39% 3.73% 5.90%

Fund Expense Ratio :

Gross 0.93%

Net 0.93%

Fund Expense Ratio :

Gross 0.93%

Net 0.93%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 0.30% 6.71% 3.08% 6.63% 4.10% 5.99%
Lipper Category Avg. High Yield Funds 0.69% 6.63% 4.16% 6.70% 4.17% -
ICE BofA U.S. High Yield Constrained Index 0.96% 7.67% 4.91% 7.24% 4.93% 6.28%
w/ sales charge -2.00% 4.24% 2.31% 6.15% 3.87% 5.90%

Fund Expense Ratio :

Gross 0.93%

Net 0.93%

Year Fund Returns ICE BofA U.S. High Yield Constrained Index
2024 8.39% 8.27%
2023 10.46% 13.55%
2022 -13.75% -11.16%
2021 6.15% 5.35%
2020 4.49% 6.07%
2019 15.07% 14.41%
2018 -5.15% -2.27%
2017 8.50% 7.48%
2016 15.84% 17.49%
2015 -2.26% -4.61%
2014 3.46% -
2013 9.69% -
2012 16.50% -
2011 3.15% -
2010 14.31% -
2009 50.51% -
2008 -23.42% -
2007 2.43% -
2006 9.94% -
2005 1.15% -
Year Q1 Q2 Q3 Q4
2025 0.30% - - -
2024 1.89% 1.21% 4.87% 0.23%
2023 2.69% 1.15% -0.44% 6.82%
2022 -5.43% -10.72% -1.48% 3.69%
2021 1.73% 3.11% 0.63% 0.57%
2020 -16.65% 10.72% 5.69% 7.13%
2019 7.50% 3.77% 0.28% 2.86%
2018 -1.07% -0.04% 2.54% -6.47%
2017 2.82% 1.98% 2.45% 1.00%
2016 2.01% 5.52% 5.46% 2.05%
2015 3.05% 0.86% -4.23% -1.81%
2014 2.92% 3.38% -1.83% -0.95%
2013 3.97% -1.03% 2.51% 3.99%
2012 6.63% 0.36% 5.06% 3.61%
2011 3.82% 1.07% -7.02% 5.73%
2010 4.93% -0.92% 6.33% 3.40%
2009 5.95% 17.32% 14.23% 6.01%
2008 -3.43% 1.99% -7.81% -15.68%
2007 2.98% 0.17% 0.48% -1.17%
2006 2.57% 0.01% 2.80% 4.27%
2005 -1.74% 1.49% 0.87% 0.56%
2004 1.07% -0.32% 4.34% 5.04%
2003 4.06% 8.25% 2.40% 5.41%
2002 1.51% -3.59% -3.78% 6.10%
2001 5.14% -1.67% -3.99% 6.15%
2000 -1.66% 0.99% 0.31% -2.65%
1999 3.43% -0.11% -0.81% 3.99%

Growth of $10,000 as of 05/31/2025

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
High Yield Bonds
Bank Loans
Investment Grade Bonds
Equity
Convertibles
Other
Cash
Rating Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 05/30/2025

Rating Assets
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 03/31/2025

  • We have modestly added risk to the Fund as spreads moved wider. The initial effects from anticipated tariff announcements towards the end of the quarter were significant in market performance, as credit markets faced pressure in March. In high yield, spreads widened to over 350 basis points from year-to-date tights as a result. However, we believe that these dislocations may present opportunities to add exposure to high quality credits at attractive entry points. We began to selectively add risk back in the Fund towards the end of the quarter after initially reducing risk levels earlier in the period.
  • We added higher quality BBs while reducing CCCs over the quarter. We increased our focus on higher-rating tiers over the quarter, adding to several positions in BBs that in our view offered better relative value, better liquidity and increased convexity as prices moved lower. Conversely, we trimmed positions in lower-rated CCCs as we continue to be cautious on more generic lower-rated beta exposure. However, we ended the quarter to modestly overweight CCCs within the Fund, which reflects higher conviction positions that in our view are driven by idiosyncratic performance drivers. 
  • The Fund’s sector allocations remained balanced. We added to several positions in Basic Industry and Capital Goods, specifically Metals and Mining and Aerospace/Defense subsectors, respectively, that offered attractive entry points based on their risk profiles. We trimmed various positions in Utilities, which was reflective of more idiosyncratic reductions, and Technology and Electronic and Leisure sectors. The Fund remained overweight the Energy and Basic Industry sectors, as well as Transportation and Banking industries. We find the Energy sector in particular to be a positive space given the improvement in fundamentals for high yield issuers and that it has performed more defensively in recent years. We remained underweight the Healthcare sector, which is the top underweight within the Fund, along with Media and Services.
  • We remain constructive in high yield credit amid heightened economic uncertainty. While the sector showed modest signs of weakness in the second half of the quarter softer economic data, worries of growth contraction and policy uncertainty dragged on consumer sentiment, overall returns were still positive. Even as spreads widen to north of 350 bps, we remain constructive on the asset class for several reasons. Earnings for high yield companies continue to be favorable, building on the current fundamental strength of the issuer base. The index also boasts a higher-quality ratings mix among high yield issuers, and the index duration is around its lowest in a decade, both of which support generally tighter overall spread levels. Looking ahead, we have looked to slowly add higher quality credits to the portfolio at attractive values. However, it is important to note that we are patient and selective in our approach to adding risk. We remain vigilant of potential recessionary signals that could cause spreads to move wider, including signs of significant cracks in labor markets, tariff repercussions, and the Fed's rate and fiscal policies.

 

Portfolio Details as of 05/30/2025

Total Net Assets
$3.42 B
Average Effective Duration
2.84 Years
Average Maturity
4.9 Years
Number of Issues
675
Average Yield to Maturity
8.15%
Distribution Yield (as of 06/18/2025)
7.12%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 06/18/2025
$0.18606
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2025 $0.03734 $6.27
Daily Daily 04/30/2025 $0.03848 $6.19
Daily Daily 03/31/2025 $0.03871 $6.29
Daily Daily 02/28/2025 $0.03503 $6.42
Daily Daily 01/31/2025 $0.03651 $6.42

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 06/30/2025
Daily Daily 07/31/2025
Daily Daily 08/31/2025
Daily Daily 09/30/2025
Daily Daily 10/31/2025
Daily Daily 11/30/2025
Daily Daily 12/31/2025

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/16/2021 12/17/2021 - $0.0100 $0.0100 $7.45

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 06/18/2025

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $6.43
$100,000 to $249,999 1.75% 1.50% $6.40
$250,000 to $499,999 1.25% 1.00% $6.37
Greater than $500,000 0.00% 1.00% $6.29

Expense Ratioas of 05/31/2025

Fund Gross Expense Ratio 0.93%
Fund Net Expense Ratio 0.93%

Fund Documents

Fund Documents

0Documents selected
Portfolio Holdings 1Q
Publish Date:11/03/2015
Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
Publish Date:11/03/2015
Statutory Prospectus
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Tailored Shareholder Report
Publish Date:11/03/2015
Semi-Annual Tailored Shareholder Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015
* includes items 7-11 of form N-CSR as required, if any.

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The ICE BofA Merrill Lynch U.S. High Yield Constrained Index is a capitalization-weighted index of all US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. The index caps individual issuer at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. The face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis.

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